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Amit Shah urges Indian firms to focus on IPR, patents 

The Economic Times , Sep 11, 2017

BJP president Amit Shah said Indian companies and business organisations should focus on obtaining patents and creating their own Intellectual Property Rights so that the wealth created by them remains within the country.

He said organisations such as FICCI should focus on research in various sectors such as pharma, solar chips, defence equipment, aviation equipment and electronic hardware. Citing the efforts made by the government to boost these areas, he suggested that rather than making isolated efforts in R&D, Indian companies should join hands and form consortium in high technology areas to optimise resources and efforts.

"Only then India will be able to develop and maximise benefits through its own Global Intellectual Properties," Shah said. He said the Land Boundary Agreement with Bangladesh has opened up an eastern belt for trade and business and this will specifically boost growth in northeast India that has been neglected for the last 70 years.

Shah also said business organisations must evolve with changing times. “Every organisation needs to reevaluate and reinvent itself with time to remain relevant.

FICCI must rethink its role it has played since Independence and play active role in promoting sectors where India is currently dependent on significant imports resulting into depletion of precious foreign exchange."

He also played down the dip in the GDP growth rate to 5.7% in the last quarter, saying it was due to some “technical reasons” and added it had gone up to 7.1% after falling to 4.7% in 13-14 when the UPA was in power. The BJP president also said demonetisation will boost the formal economy.

He added that black money that has come into the government’s treasury is being used for the benefit of the public.